期权行权与自对冲
行权和自对冲都属于期权合约结算业务。申请提交后，在当天交易日结算后生效。
⚠️ 客户端发起的申请均为当日有效。
⚠️ 并非所有交易所和指令都支持由客户端发起申请。不支持的业务请咨询经纪商。
位置：菜单 → 交易 → 实时持仓 或 菜单 → 期权 → 持仓敏感度汇总
行权与放弃
基本规则
| 期权类型 | 可申请业务 |
|---|---|
| 美式期权 | 到期日前所有交易日可申请行权；到期日可申请放弃。 |
| 欧式期权 | 仅到期日可申请行权或放弃。 |
| 自动行权 | 到期日，交易所以标的结算价为基准，对未提交行权申请的实值期权持仓自动行权，其他期权持仓自动放弃。 |
行权
手动提交行权申请。申请通过后，将产生并保留标的合约头寸。
支持交易所：CZCE 郑商所、DCE 大商所、GFEX 广期所、SHFE 上期所、INE 能源中心、SSE 上交所、SZSE 深交所
操作方法
选中持仓中的买方期权合约，点击 行权 按钮。
在弹窗中输入 数量，执行类型 选择 执行，点击 确定。
其他参数保持默认即可，默认为 保留、免于自动平仓。
广期所数量输入 0，相当于放弃行权。
参数说明
| 参数 | 说明 |
|---|---|
| 开平 | 上期所、能源中心需要区分平仓、平今；其他交易所无需选择。 |
| 行权后是否保留头寸 | 保持默认即可，默认保留。 |
| 行权后新头寸是否自动平仓 | 上期所、能源中心、广期所可选。行权后产生标的持仓，如需自对冲，选择 自动平仓。 |
放弃行权
手动提交放弃行权申请。
支持交易所：CZCE 郑商所、DCE 大商所、GFEX 广期所、SHFE 上期所、INE 能源中心
操作方法
选中持仓中的买方期权合约，点击 行权 按钮。
在弹窗中输入 数量，执行类型 选择 放弃，点击 确定。
其他参数保持默认即可，默认为 保留、免于自动平仓。
广期所放弃行权，参考上方行权说明。
自对冲
操作入口
选中持仓，点击 自对冲 按钮。
⚠️ 大商所的自对冲支持 CTP、飞创、恒生（HS）、金仕达（JSD），金仕达仅支持
v2025.0925a及之后的版本。⚠️ 其他交易所的自对冲支持 CTP、恒生（HS），恒生仅支持
v2025.0925e及之后的版本。
1. 自对冲期权仓位 / 期权对冲
支持交易所：DCE 大商所、GFEX 广期所、SHFE 上期所、INE 能源中心
同时持有同一期权合约的买方和卖方持仓时，可申请对冲平仓。
示例：同时持有 a2511-C-4025 多头 3 手和空头 3 手，可申请对冲平仓。
大商所
| 申请方式 | 说明 |
|---|---|
| 按合约 | 对同一合约进行对冲，支持指定数量。 |
| 按系列 | 对同一系列下所有符合条件的合约进行对冲，不支持指定数量。 |
| 按品种 | 对该品种下所有符合条件的合约进行对冲，不支持指定数量。 |
| 是否对冲 | 可选择某一合约是否参与对冲。 |
示例：申请 a 品种对冲时，将 a2511-C-4025 设置为不对冲，则 a 品种下除 a2511-C-4025 外，其他符合条件的合约将进行对冲。
其他交易所
仅支持对同一交易编码下的期权持仓，按合约申请。
2. 期货对冲
支持交易所：DCE 大商所
同时持有同一期货合约的买方和卖方持仓时，可申请对冲平仓。
示例：同时持有 a2511 多头 3 手和空头 3 手，可申请对冲平仓。
支持按品种或按合约申请，规则同 自对冲期权仓位 / 期权对冲。
3. 行权后期货对冲
支持交易所：DCE 大商所、GFEX 广期所、SHFE 上期所、INE 能源中心
买方行权后产生的标的持仓，可与已有标的持仓进行对冲。
示例：a2511-C-4025 行权后产生 a2511 多头持仓，可与已有的 a2511 空头持仓进行对冲平仓。
大商所
选中持仓，点击 自对冲 按钮。
支持按品种或按合约申请，但不支持指定数量。申请后，所有符合条件的合约将进行对冲。
其他交易所
选中持仓，点击 行权 按钮。
在行权窗口的 行权后新头寸是否自动平仓 中选择 自动平仓。仅支持对同一交易编码下的期权持仓，按合约申请。
4. 自对冲卖方履约后的期货仓位 / 履约后期货对冲
支持交易所：DCE 大商所、GFEX 广期所、SHFE 上期所、INE 能源中心
卖方履约后产生的标的持仓，可与已有标的持仓进行对冲。
示例：a2511-C-4025 履约后产生 a2511 空头持仓，可与已有的 a2511 多头持仓进行对冲平仓。
大商所
支持按品种或按合约申请，但不支持指定数量。申请后，所有符合条件的合约将进行对冲。
其他交易所
仅支持对同一交易编码下的持仓，按合约申请。
5. 保留期权仓位
支持交易所：SHFE 上期所、INE 能源中心
仅做市商可以申请。对于同一期权合约的双向持仓，交易所会在每日结算前自动对冲；做市商可申请部分或全部持仓不参与自动对冲。
行权、自对冲管理
位置：菜单 → 交易 → 实时回报
切换到 行权 或 自对冲 标签，可查看申请信息。大商所自对冲申请在专用的 大商所自对冲 标签中查看。
撤销行权、自对冲
点击 全撤 按钮，或选中下方 行权 / 自对冲 记录后点击 撤单 按钮，即可撤销申请。
Option Exercise and Offset
Exercise and offset are settlement operations for option contracts. Once submitted, the application takes effect after settlement on the same trading day.
⚠️ Applications submitted from the client are valid for the current trading day only.
⚠️ Not all exchanges and instructions support client-side applications. For unsupported services, contact your broker.
Path: Menu → Trade → Position, or Menu → Option → Option Greeks
Exercise and Abandonment
Basic Rules
| Option type | Available operation |
|---|---|
| American option | Apply for exercise on any trading day before expiration; apply to abandon exercise on the expiration date. |
| European option | Apply for exercise or abandonment only on the expiration date. |
| Automatic exercise | On the expiration date, the exchange uses the underlying settlement price as the basis to automatically exercise in-the-money option positions without submitted exercise applications. Other option positions are automatically abandoned. |
Exercise
Submit an exercise application manually. After the application is accepted, the underlying contract position is generated and reserved.
Supported exchanges: CZCE, DCE, GFEX, SHFE, INE, SSE, SZSE
Steps
Select a long option position and click Exercise.
In the pop-up window, enter the Vol, set Action Type to Execute, and click OK.
Keep the other parameters at their default values: Reserve and not to Close.
For GFEX, entering 0 as the volume is equivalent to abandoning exercise.
Parameters
| Parameter | Description |
|---|---|
| O/C | For SHFE and INE, distinguish between Close and close today. No selection is required for other exchanges. |
| keep posi after exec | Keep the default value. The default is Reserve. |
| auto cover after exec | Available for SHFE, INE, and GFEX. If an underlying position is generated after exercise and needs to be offset, select Auto Close. |
Abandon Exercise
Submit an application to abandon exercise manually.
Supported exchanges: CZCE, DCE, GFEX, SHFE, INE
Steps
Select a long option position and click Exercise.
In the pop-up window, enter the Vol, set Action Type to Abandon, and click OK.
Keep the other parameters at their default values: Reserve and not to Close.
For GFEX abandonment, see the exercise note above.
Offset
Entry
Select a position and click Offset.
⚠️ DCE offset supports CTP, UFX, X-One, and JSD. JSD is supported only in
v2025.0925aand later versions.⚠️ Offset for other exchanges supports CTP and UFX. UFX is supported only in
v2025.0925eand later versions.
1. Offset Option Positions / Option Offset
Supported exchanges: DCE, GFEX, SHFE, INE
If you hold both long and short positions in the same option contract, you can apply to offset and close them.
Example: If you hold 3 long lots and 3 short lots of a2511-C-4025, you can apply to offset and close the positions.
DCE
| Application mode | Description |
|---|---|
| By Inst | Offset positions in the same contract. Volume can be specified. |
| By Series | Offset all eligible contracts in the same series. Volume cannot be specified. |
| By Product | Offset all eligible contracts under the same product. Volume cannot be specified. |
| Hedge On | Select whether a contract participates in the offset. Options: Yes / No. |
Example: When applying by product for product a, set Hedge On to No for a2511-C-4025. All other eligible contracts under product a will be offset.
Other Exchanges
Applications are supported only by contract for option positions under the same trading code.
2. Futures Offset
Supported exchange: DCE
If you hold both long and short positions in the same futures contract, you can apply to offset and close them.
Example: If you hold 3 long lots and 3 short lots of a2511, you can apply to offset and close the positions.
Applications can be submitted by product or by contract. The rules are the same as Offset Option Positions / Option Offset.
3. Futures Offset After Exercise
Supported exchanges: DCE, GFEX, SHFE, INE
The underlying position generated after buyer exercise can be offset against an existing underlying position.
Example: After a2511-C-4025 is exercised, an a2511 long position is generated. It can be offset and closed against an existing a2511 short position.
DCE
Select a position and click Offset.
Applications can be submitted by product or by contract, but volume cannot be specified. After the application is submitted, all eligible contracts will be offset.
Other Exchanges
Select a position and click Exercise.
In the Exercise window, set auto cover after exec to Auto Close. Applications are supported only by contract for option positions under the same trading code.
4. Offset Futures Positions After Seller Assignment / Futures Offset After Assignment
Supported exchanges: DCE, GFEX, SHFE, INE
The underlying position generated after seller assignment can be offset against an existing underlying position.
Example: After a2511-C-4025 is assigned, an a2511 short position is generated. It can be offset and closed against an existing a2511 long position.
DCE
Applications can be submitted by product or by contract, but volume cannot be specified. After the application is submitted, all eligible contracts will be offset.
Other Exchanges
Applications are supported only by contract for positions under the same trading code.
5. Reserve Option Positions
Supported exchanges: SHFE, INE
Only market makers can apply. For two-way positions in the same option contract, the exchange automatically offsets them before daily settlement. Market makers can apply to reserve part or all of the positions from automatic offset.
Exercise and Offset Management
Path: Menu → Trade → Order Book
Switch to the Exercise or Offset tab to view application information. DCE offset applications are shown on the dedicated DCE Offset tab.
Cancel Exercise and Offset Applications
Click Cancel All, or select an Exercise / Offset record below and click Cancel to cancel the application.